Northgate Capital has made an investment in Mexico-based iVoy, a same-day delivery services company. No financial terms were disclosed.
Mexico City and San Francisco, California, February 4, 2021 — Northgate Capital, the international private equity firm, today announced an investment in iVoy, the leading, fast-growing same day delivery services company based in Mexico. The investment will be made through its second Mexico Growth Equity Fund.
Founded in 2011, iVoy transformed its traditional, capital-intensive, delivery business model into a 100% digital platform that, through a “shared economy” business model, matches courier services offering with orders, thereby optimizing time and cost per unit. The company has completed the delivery of more than 7 million packages in Mexico. iVoy currently operates in Mexico City and Guadalajara, but plans to expand into other large cities of the country in the short term.
“The express delivery segment presents an extraordinary growth opportunity in Mexico and throughout Latin America. In order to fully capture such opportunity, the additional capital will be directed to strengthen the company’s operational processes, engineering capabilities, and technology systems.” said Guillermo Carmona, Director of Northgate Capital Mexico. “We are very excited to partner with iVoy’s management team and diverse base of shareholders, aiming to support the company in scaling its express delivery services to a rapidly growing base of consumers throughout Mexico and potentially LATAM in the near future.” said Gabriel Mizrahi, Partner of Northgate Capital Mexico.
“We are thrilled to partner with Northgate. Its leadership and experience in developing and transforming local companies will help us grow our business still further. We are going through a unique and positive period of e-commerce growth in Mexico, and Northgate’s investment will enhance iVoy’s team development, products and services, and position the company as a leader in the delivery sector in Mexico. In addition to Northgate, Mexico Ventures is also joining an already strong base of institutional investors, including Variv Capital, Stella Maris and SFA, in supporting the company with additional capital.” said
Alvaro de Juan, CEO of iVoy.
“We have been invested in iVoy for four years now and we have seen the company mature and grow consistently over that period. The digitalization trend that we are currently experiencing has allowed the company to move to the next level in terms of scale and clients. We are thrilled to have Northgate accompany us in this new stage of iVoy’s expansion. We are certain their experience will allow us to consolidate and leverage what Alvaro and his team have been building during the past years.” Said Alejandro Diez Barroso, Founding Partner of DILA Capital.
iVoy is the leading, fast-growing same day delivery services company based in Mexico. The company currently operates in Mexico City and Guadalajara, offering intracity Same-Day / Next-Day and On-Demand deliveries, serving a with wide range of clients including individuals, SMEs, corporates, and e-commerce platforms.
For more information, visit https://ivoy.mx/